3 TSX natural gas stocks to buy right now & hold forever: TOU, ENB, CVE

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3 TSX natural gas stocks to buy right now & hold forever: TOU, ENB, CVE

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3 TSX natural gas stocks to buy right now & hold forever: TOU, ENB, CVE
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Highlights

  • The TSX energy index has increased by 113 per cent in a year.
  • Prices of natural gas have zoomed by a whopping 189 per cent year-over-year (YoY).
  • Three TSX natural gas stocks mentioned here achieved their new 52-week highs on May 27.

Prices of natural gas have zoomed by a whopping 189 per cent year-over-year (YoY), higher than oil prices, which have grown by over 73 per cent in the last one year. Notably, natural gas futures hit a near 14-year high of US$ 9.45 at a point last week and were trading at US$ 8.83 at 2:33 AM EST on Monday, May 30.

The TSX energy index has also increased by 113 per cent in a year, with oil and gas prices surging to record highs.

Investors aiming to benefit from the surging natural gas prices could explore the following TSX gas stocks, which have recently achieved new 52-week highs.

Tourmaline Oil Corp (TSX: TOU)

Tourmaline Oil is one of the top energy stocks, as per the TMX. The TSX-listed company said that it continues to benefit from the surging natural gas prices, with an average realized natural gas price of C$ 4.86 measuring natural gas (mcf) in the first quarter of FY2022.

Stocks of Tourmaline Oil rocketed by over 100 per cent year-to-date (YTD). TOU stock returned more than 185 per cent in the last 12 months. The stock surged to a 52-week high of C$ 77.89 and closed at C$ 77.86 on Friday, May 27. 

According to Refinitiv, TOU had a strong Relative Strength Index (RSI) value of 74.71 on May 27, signifying that the stock was on a bullish trend.

Also read: ATD, L, MRU, NWC, EMP.A: 5 TSX retail stocks to buy in June

Enbridge Inc (TSX: ENB)

Enbridge Inc recently announced to provide natural gas to Venture Global for their second liquified natural gas (LNG) project in Plaquemines Parish, Louisiana. As per Enbridge’s website, it will supply natural gas of 1.5 billion cubic feet per day through its Venice Extension Project and Gator Express Meter Project.

ENB stock climbed over 26 per cent in 52 weeks and reached a 52-week high of C$ 59.19 on May 27. As per Refinitiv findings, ENB seems to be on an upward trajectory, with an RSI value of 61.92 on May 27.

Cenovus Energy Inc (TSX: CVE)

Cenovus Energy produced oil, natural gas liquids (NGLs) and conventional natural gas. The large-cap energy company reported a net profit of 1.62 billion in the first quarter of FY2022 compared to a loss of C$ 408 million in Q1 2021. The energy company also narrowed down its net debt by 12 per cent in the latest quarter.

CVE stock galloped by roughly 194 per cent in one year and held a rising RSI value of 73.54 on May 27, according to Refinitiv.

3 TSX natural gas stocks to buy right now & hold forever: TOU, ENB, CVE

Also read: 5 Canadian vegan stocks for June as Kim Kardashian joins Beyond Meat

Bottomline

These TSX gas stocks appear to have gained significantly with soaring natural gas prices and could continue to benefit if energy prices continue to surge higher. These natural gas stocks are also known to offer quarterly dividends.

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